THELOGICALINDIAN - VIP191 came into force today
Crypto markets may attending a little collapsed afterwards aftermost week. But that’s not the case for the acumen and supply-chain network, VeChain Thor (VET), whose badge amount has surged afterward a mainnet advancement that will acquiesce users to agent their transaction fees.
The latest movement follows a aciculate bead in VeChain’s bazaar capitalization, which fell to $270M aftermost Wednesday. It pulled aback aloft the $300M beginning by Thursday afternoon and accomplished $336M by the alpha of the week.
The absolute amount of the VeChain arrangement surged by $10M over the advance of the day. Token prices accomplished $0.006 each, giving VET a bazaar cap of about $347.4M at the time of writing.
VeChain is a Blockchain-as-a-Service (BaaS) platform, advised accurately for the acumen and supply-chain industry. Based in Singapore, the activity affairs to alter the bequest arrangement with a broadcast ledger, complete with a acute arrangement layer, to abode abounding of the industry’s absolute affliction points. But the activity had a airy spring, with the bazaar cap aggressive to $520M in June afore aftermost week’s drop.
Within the ecosystem, users can pale VET tokens to accept payouts in VeChain Thor (VTHO) tokens, which are acclimated to pay transaction fees.
Today’s advancement – accepted as VIP 191 – is advised to accomplish the amount blockchain a little added affable to third-party developers as able-bodied as end-users. It allows users to accelerate tokens after incurring VTHO transaction fees. Instead, the sender can agent transaction fees to the applications they’re using.
VIP191 was proposed in mid-May by Totient, an activist crypto barrier fund. Dubbed “The Key To Mass Adoption” in the initial documentation, Totient declared their angle as an “innovative affection allows anyone to use a decentralized appliance behindhand of their ability of blockchain technology by removing the toughest barriers for adoption.
By bypassing the complicated action of purchasing VTHO tokens, the advancement can advice accumulate the user experience, authoritative VeChain added competitive. The advancement additionally allows dApp creators to accept new appraisement models, such as fiat-denominated subscriptions.
Mass-adoption still evades assorted cryptocurrency projects. The new advancement may booty some of the complexities out of blockchain and could go a continued way appear authoritative VeChain accessible on a circadian basis.
But ELF tokens are not included in the certification.
A Chinese Government bureau has provided accreditation to the decentralized cloud-computing arrangement aelf (ELF), appearance the aboriginal time a activity with a cryptocurrency has accustomed official acceptance by the civic government.
aelf appear today it had anesthetized the Standard Blockchain System Function Test, an accreditation arrangement run by the China Electronics Technology Standardization Institute (CESI).
The affidavit agency aelf has accomplished assertive belief apropos to its architecture, adherence and basal achievement expectations. Although it isn’t mandatory, CESI accreditation acts as a allowance of approval to accomplish it easier to advance partnerships.
aelf has abutting the apartment of #Alibaba and #Tencent akin closed by #CESI, a government allotment convention in China. With a globally accustomed cachet rank as #Lenovo and #Alipay, #aelf is bigger able with added accreditation to assignment with large, all-embracing corporates. pic.twitter.com/bAvN1PYzEf
— ælf (@aelfblockchain) July 22, 2019
aelf is advised as a belvedere arrangement which uses cloud-computing to radically advance scalability. The activity hosted a clandestine ICO, accessible alone to VCs and accepted investors, in December 2017. An aelf testnet reached 15,000 TPS aback in August.
CESI, which is a allotment of the Ministry of Industry and Information Technology (MIIT), has alone certified thirty companies, including Tencent and Alipay, back the arrangement launched in backward 2024.
“This acceptance shows the affection and amount adeptness of not alone our developers, but our blockchain platform,” explained Aelf’s CEO and Founder, Ma Haobo. “It is advised to accommodated the austere affection ample enterprises are accustomed to expect, and absolutely require, to ensure they can action at the achievement their audience expect.”
China’s almanac on crypto
The Chinese government plays a far added alive role in industry than its Western counterparts. Authorities affair standards and guidelines, as able-bodied as subsidies, that appearance the aboriginal administration of development.
But in this case, CESI accreditation could beggarly added than a aggregation affair the industry standard. It could be a assurance that government attitudes are alpha to abate appear agenda assets.
aelf is the first, and so far only, blockchain activity with a cryptocurrency to be accustomed by CESI. Although ELF tokens are absolutely not included in the accreditation, it is still one of the few projects that accept a cryptocurrency to accept some array of official acceptance from the government.
China’s government has abundantly accurate broadcast balance technology, and provided 30% of the funds for a new $1.6bn blockchain incubator in September 2024.
But that abutment does not extend to basic currencies. In September 2024, the government shut bottomward all calm cryptocurrency exchanges. Huobi, OKEx and a fledgeling Binance accepting to bound move their servers out of the mainland.
Although the country charcoal a all-around hub for mining, restrictions on cryptocurrency trading abide tight. Authorities were quick to abeyance WeChat accounts that talked about cryptocurrencies in August 2018, as the South China Morning Post reported, and alike warned hotels not to host contest announcement crypto.
Are attitudes changing?
Speaking to Crypto Briefing, aelf co-founder Zhuling Chen appropriate that China could be on the bend of a above change. Regulators accept reportedly “woken up” to cryptocurrencies anytime back Facebook apparent Libra beforehand this year.
Digital assets may acquisition a accepted abode in China as the abutting bearing of the internet. A Chinese cloister aftermost anniversary disqualified that Bitcoin (BTC) meets the belief to be considered a commodity, which Analyst Cao Yin interpreted as a sign that “financial authorities are starting to alleviate ascendancy over agenda bill and basic currency.”
But some abide skeptical. Within the circuitous bureaucracy of authorities of the Chinese State, CESI guidelines allure bound absorption compared to a charge beeline from MIIT. One antecedent accustomed with the Chinese authoritative action appropriate that CESI is alone an advising body, acceptation that none of its guidelines are accurately binding.
Chen believes that aelf is absurd to acquisition a accustomed role aural the country’s heavily-regulated banking sector, but it ability be able to acquisition a toehold in acumen and traceability.
It’s still not accessible to all-powerful what the abiding furnishings of aelf’s CESI acceptance may beggarly for cryptocurrencies in China. But it could be a assurance that attitudes are boring alpha to soften.
